UPDATE: Trading Trends After Apple Announcement

Apple on Wednesday unveiled new Apple TV devices and revamped line of iPods. So what does this mean from an investor standpoint?

That line of iPods, said CNBC's Jon Fortt, has not been growing revenues over the past few years. But this new device features front-facing cameras and FaceTime, which allows users to talk and see those they're conversing with. Fortt thinks it will improve margins by moving people up from earlier versions of the iPod to the iPod Touch device.

Apple TV now streams videos online and is now just $99, he noted. At that price, the youth market will be able to afford the product and others will likely buy on impulse. Jon Najarian, co-founder of optionMONSTER.com, likes the streaming video aspect of Apple TV. The wiresless aspect makes it really easy for conumers, he said.

Even with the new products, Tim Seymour of EmergingMoney.com will stay on the sidelines until the stock breaks $260 a share. Seymour said been bouncing between the $240 and $260 range and needs a catalyst. Guy Adami of Drakon Capital agreed with Seymour and suggests going downstream with SanDisk .

Brian Kelly of Kanundrum Capital likes Apple, but would also go with its competitor Google . He likes this Android product and plans to build a nationwide wi-fi network.

Najarian likes AAPL between $240 and $260. He would play it with long calls because it's an expensive stock, but also consider derivative plays, including Cirrus Logic . The semiconductor is said to provide audio chips to Apple.

Another play on Apple, said Najarian, is Harman International Industries , which produces stereo equipment.

Netflix Comes to Apple TV

Apple and its battle for your living room, with Michael Pachter, Wedbush Securities analyst.

Michael Pachter, an analyst at Wedbush Securities, likes Netflix as a play on Apple. He would be short on NFLX because the market has overestimated its growth possibilites and discounted increasing content costs and competition. Amazon.com is rumored to be offering a competitive service.

Watch the video to see the full conversation with Pachter.

---Note: The following is a recap of Wednesday's "Fast Money Halftime Report."

Ahead of Apple's announcement, where CEO Steve Jobs would later unveiled a smaller, cheaper version of its Apple TV device and new line of iPods, the "Fast Money" traders had a handful of related plays on the technology giant.

With the latest version of Apple TV, Jobs is simply trying to get into your living room, said Jon Najarian of optionMONSTER.com. But Jobs isn't the only one, he added.

Riding the Apple Wave

The Fast Money traders share their "second derivative" trades off the Apple ecosystem. They're joined by Jason Rhode, CEO of Cirrus Logic.

"They all realize the value of making that television experience better than just sitting there and clicking through the 500 channels with nothing on," said Najarian. "The fact that they can stream movies and music and all the rest through the cloud—not through downloading it—that's where the future is for television."

Najarian recommends playing Netflix , Amazon.com and Google . He also likes Corning, which makes glass for LCD and plasma monitors, as well as a scratch resistant glass for touch-screen devices. He noted that the New York State-based company is trading at near 52-week lows.

Steve Cortes, founder of Veracruz, likes Walt Disney right now. Being on the verge of football season, Cortes thinks its ESPN network will do well. He noted that it's not purely an Apple play, but benefits from the company.

Apple is reportedly a large client of semiconductor Cirrus Logic , which is said to supply the tech giant audio chips for its iPod and iPhone devices, reports CNBC's Simon Hobbs.

Speaking on Wednesday's "Fast Money Halftime Report," CEO Jason Rhode said the company sees long-term growth in the energy space, specifically LED lighting and the power grid. This is where the next generation of profits will come from because there is not only high demand for energy efficiency, but building cities out for smart grids takes a considerable amount of time.

Tech stocks, particularily the semiconductors, had a tough time this past quarter, but Rhode wouldn't share much about margins. He said the company's long-term targets were 55 percent. It is the balance between revenue growth and operating profit that will deliver value, but Rhode said he doesn't see "any end in sight to the markets that will be supportive of that 55 percent value."

With a flurry of mergers and acquisition activity having recently occured in the tech space, Hobbs asked Rhode if his company expects to be bought one-day.

"I don't know why we would seek to do so," replied Rhode. "I think what companies that are really trying to control their own destiny need is simply leverage. Whether they own the entity that they're worried about or whether they simply have enough leverage and I think a lot of the large consumer companies that you're talking about have all the leverage they need."

Watch the video to see the full interview with Rhode.

What's the Trade?

Jon Najarian, co-founder of optionMONSTER.com, is long CRUS. Najarian saw take-over activity in this stock a few days ago with upside calls being purchased "very aggressively." He likes the story and thinks they're at another discount to the earnings they just reported. Hold onto the stock until they report earnings in November, he said.

---ASSET ALLOCATION: 10-YEAR TREASURIES TUMBLE

There was speculation in the market Wednesday that a major player may have moved a big position out of bonds and into equities, which had many bears hurrying to cover their shorts.

Brian Kelly of Kanundrum Capital, the resident bear on "Fast Money," is not covering his shorts. He heard the rumor, but said he still thinks market could go lower and wouldn't want to buy stocks now.

Jared Levy, senior derivatives specialist at PEAK6, recommends using the rally to sell covered calls and watch Agrium to the upside.

Steve Cortes, founder of Veracruz, is long Freeport-McMoRan Copper & Gold and wants to buy more.

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